Covington Capital Management cut its stake in BlackRock, Inc. (NYSE:BLK) by 2.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,002 shares of the asset manager’s stock after selling 678 shares during the quarter. BlackRock makes up 1.0% of Covington Capital Management’s portfolio, making the stock its 27th biggest holding. Covington Capital Management’s holdings in BlackRock were worth $16,440,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of BLK. BlackRock Inc. increased its position in BlackRock by 4.4% during the fourth quarter. BlackRock Inc. now owns 7,255,797 shares of the asset manager’s stock worth $3,727,377,000 after buying an additional 307,213 shares during the last quarter. Fred Alger Management Inc. increased its position in BlackRock by 2,347.6% during the fourth quarter. Fred Alger Management Inc. now owns 185,965 shares of the asset manager’s stock worth $95,532,000 after buying an additional 178,367 shares during the last quarter. Stifel Financial Corp increased its position in BlackRock by 2,450.2% during the third quarter. Stifel Financial Corp now owns 181,678 shares of the asset manager’s stock worth $81,105,000 after buying an additional 174,554 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its position in BlackRock by 31.6% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 442,328 shares of the asset manager’s stock worth $227,228,000 after buying an additional 106,315 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in BlackRock during the fourth quarter worth $53,310,000. 84.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of BlackRock, Inc. (NYSE BLK) traded down $1.96 during trading hours on Wednesday, hitting $562.10. The stock had a trading volume of 17,560 shares, compared to its average volume of 656,317. The firm has a market capitalization of $91,896.95, a P/E ratio of 18.62, a P/E/G ratio of 1.54 and a beta of 1.71. BlackRock, Inc. has a 12 month low of $368.00 and a 12 month high of $594.52. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 0.93.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Wednesday, March 7th will be given a $2.88 dividend. This is an increase from BlackRock’s previous quarterly dividend of $2.50. This represents a $11.52 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Tuesday, March 6th. BlackRock’s dividend payout ratio (DPR) is currently 38.02%.
In other news, insider J. Richard Kushel sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $541.61, for a total value of $1,083,220.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Deryck C. Maughan purchased 3,861 shares of the stock in a transaction dated Wednesday, January 17th. The stock was acquired at an average cost of $573.44 per share, for a total transaction of $2,214,051.84. Following the completion of the transaction, the director now owns 12,265 shares of the company’s stock, valued at approximately $7,033,241.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 20,961 shares of company stock worth $11,375,444. 1.86% of the stock is currently owned by company insiders.
Several equities analysts have commented on BLK shares. Deutsche Bank lowered their target price on shares of BlackRock to $623.00 and set a “buy” rating on the stock in a research report on Tuesday, March 6th. Credit Suisse Group reissued a “buy” rating and set a $680.00 target price on shares of BlackRock in a research report on Friday, January 12th. Argus reissued a “buy” rating and set a $620.00 target price (up from $520.00) on shares of BlackRock in a research report on Tuesday, January 16th. Citigroup increased their target price on shares of BlackRock to $625.00 and gave the stock a “buy” rating in a research report on Tuesday, January 16th. Finally, Zacks Investment Research downgraded shares of BlackRock from a “buy” rating to a “hold” rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $560.85.
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BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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